Average Number of Credit Cards Per Person: 2019 Card Ownership Statistics

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The average American carries 2.35 credit cards and a total outstanding balance of $5,551. This average can vary depending on what part of the country a person lives, how old they are, and a few other factors. Credit card ownership also differs among income brackets, genders, and ethnicities. Below we look into specific segments of credit card holders to highlight some of our discoveries.

How Many Credit Cards Does the Average Person Have?

The average number of credit cards people own has risen since 2010, but the mean balance on those cards has decreased by $336. The table below outlines the average number of credit cards, average total balance, and balance per card for the typical American over the past few years.

Year

Average Number of Credit Cards

Average Total Balance

Average Balance Per Card

2016

2.35

$5,551

$2,360

2015

2.24

$5,465

$2,440

2014

2.18

$4,410

$2,023

2013

2.19

$4,501

$2,055

2012

1.96

N/A

N/A

2011

1.83

N/A

N/A

2010

1.98

$5,887

$2,968

2007

2.57

$5,910

$2,297

We observed some notable differences among different regions and demographics. The most prominent differences exist among people of different races, ages, genders, and states of residence.

Average Number of Credit Cards by Region

The average amount of credit card accounts held by a person and the average total balance on those credit cards varied by state. Residents of Mississippi had the lowest number of credit cards open–a state average of 1.69 credit cards per person. New Jersey residents had the highest number of credit cards per person, with an average of 2.54 credit cards per person. On average, Alaska residents had a mean balance of $6,247 on their credit cards. The highest average balance of all regions surveyed, Alaska's total was $2,575 more than Iowa, which is the state with the lowest mean balance, or $3,672.

Of the 51 regions surveyed, only 12 had fewer than 2.00 credit cards per resident. Alabama, West Virginia, Arkansas, and Oklahoma round out the top five for least credit cards per person, after Mississippi. New York, Hawaii, Massachusetts, and Connecticut join New Jersey as the states with the most credit cards per person.

An alphabetical list of all the regions included in the comparison analysis can be found below. We've displayed all the states from Alaska to Wyoming with the average number of credit cards per person alongside the average balance on those credit cards.

Rank

State

Average Number of Credit Cards

Average Total Balance

29

Alaska

2.15

$6,247

2

Alabama

1.81

$4,412

4

Arkansas

1.85

$4,225

27

Arizona

2.12

$4,767

44

California

2.31

$4,779

46

Colorado

2.34

$5,051

47

Connecticut

2.35

$5,509

33

D.C.

2.18

$5,753

40

Delaware

2.24

$4,840

39

Florida

2.23

$4,842

17

Georgia

2.04

$5,029

49

Hawaii

2.39

$5,107

11

Iowa

1.95

$3,672

20

Idaho

2.08

$4,184

42

Illinois

2.27

$4,743

9

Indiana

1.91

$4,098

13

Kansas

2.02

$4,438

7

Kentucky

1.88

$4,016

10

Louisiana

1.91

$4,596

48

Massachusetts

2.35

$4,741

41

Maryland

2.25

$5,247

19

Maine

2.06

$4,239

16

Michigan

2.04

$4,170

37

Minnesota

2.22

$4,329

18

Missouri

2.05

$4,360

1

Mississippi

1.69

$4,052

21

Montana

2.09

$4,349

15

North Carolina

2.03

$4,499

35

North Dakota

2.19

$3,924

22

Nebraska

2.09

$4,081

43

New Hampshire

2.27

$4,869

51

New Jersey

2.54

$5,422

8

New Mexico

1.90

$4,694

34

Nevada

2.19

$4,765

50

New York

2.48

$5,091

26

Ohio

2.11

$4,329

5

Oklahoma

1.86

$4,628

28

Oregon

2.15

$4,317

32

Pennsylvania

2.17

$4,546

45

Rhode Island

2.32

$4,805

12

South Carolina

1.97

$4,524

25

South Dakota

2.09

$4,136

6

Tennessee

1.87

$4,409

31

Texas

2.17

$5,132

36

Utah

2.20

$4,258

38

Virginia

2.22

$5,355

24

Vermont

2.09

$4,579

30

Washington

2.17

$4,861

23

Wisconsin

2.09

$3,883

3

West Virginia

1.85

$3,961

14

Wyoming

2.02

$4,540

Average Number of Credit Cards by Age

When examined by age group, the average number of credit cards and the average balance on those credit cards rises as the consumer ages before declining again. Americans aged 51 through 70, also known as “Baby Boomers”, have the highest average number of credit cards at 2.93 with an average balance of $6,889. Americans under 21 years of age had approximately 1.07 fewer credit cards than the country average. Our previous research shows that younger generations have been struggling to qualify for credit cards, which may help to explain the low number of credit cards per person in the younger age segments.

Age

Average Number of Credit Cards

Average Total Balance

21 and Under

1.29

$1,682

22 - 35

2.02

$3,542

36 - 50

2.56

$6,866

51 - 70

2.93

$6,889

71 and Over

1.91

$3,780

U.S. Average

2.35

$5,551

How Many Credit Cards Should I Have?

It depends on a countless amount of factors. Ultimately, there isn't a correct number of credit cards to own, because the answer is highly individualized. Below, we outline some benefits and drawbacks of owning multiple credit cards. This is not an exhaustive list, but will help guide users to evaluate their need for an additional credit card.

Among their other advantages, credit cards offer users access to credit, security, convenience, and protection, along with the opportunity to build a credit history. New credit cards are aiming to become increasingly alluring to their users with the likes of travel perks, price matching features, and even early concert ticket access. Consumers should consider owning at least one credit card in order to take advantage of the ever-growing list of perks and features.

Benefits of More Credit Cards: One of the key benefits of having multiple credit cards is the ability to execute a transfer of its balance from one or more cards to one with a lower interest rate. Having a second credit card is also useful if you lose your first card, or the account is frozen due to suspicious activity. If you are trying to establish a credit history, opening up a new credit card can be a great way to achieve that. By opening multiple credit cards, you can take advantage of multiple rewards programs over various credit cards.

Drawbacks of More Credit Cards: While it's true that in the long term opening up a new credit card can help you to build credit, in the short term it will decrease your average account age, a factor used when calculating your credit score—with older being better in the eyes of card issuers. Another drawback of owning multiple credit cards are the annual fees you'd be forced to pay, assuming the credit cards charged those. Tracking your spending and your payments for multiple credit cards can also become cumbersome and difficult to manage.

Credit Card Ownership Statistics

While data on the average number of credit cards by age, gender, and ethnicity is unavailable, we can still evaluate what percentage of the population has a credit card. Below we examine trends on credit card ownership amongst the aforementioned groups.

Credit Card Ownership by Income

American residents with a high income have a greater incidence of owning credit cards. Of all Americans making more than $50,000 annually, 92% own at least one credit card. Only 3% of Americans making over $200,000 don't own a credit card. However, credit card ownership extends beyond high earners, though; 43% of people in the $1 to $4,999 income range have at least one credit card, for example:

Annual Income

% of People Who Have a Credit Card

No Income

46%

$1 to $4,999

43%

$5,000 to $14,999

47%

$15,000 to $24,999

64%

$25,000 to $39,999

79%

$40,000 to $49,999

83%

$50,000 to $74,999

92%

$75,000 to $99,999

94%

$100,000 to $149,999

95%

$150,000 to $199,999

97%

$200,000 or Higher

97%

Credit Card Ownership by Gender

More than 97 million women and 95 million men in the United State have at least one credit card, which represents a total of 78% and 81%, respectively, within each group’s respective gender. Women are rejected from credit card applications at a higher rate than men. When applying for a new credit card 61% of men reported feeling very confident of approval, while only 56% of women reported feeling the same level of optimism.

Credit Card Ownership by Ethnicity

Individuals who identified as Black had the lowest percentage of ownership of credit cards at 63%. Hispanics followed, who had a 73% credit card ownership rate. Individuals who racially identified as Other represented the largest group of people who own at least one credit card at 86%, which is 7% higher than the U.S. average.

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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